There are many upsides to creating a trust. One is avoiding probate. Another is the opportunity to engage in very detailed estate planning. Many individuals create trusts to leave assets to minors or individuals with disabilities. Some create trusts to place restrictions on the receipt of assets by certain beneficiaries. Whatever the reason for creating a trust, the actual implementation of the grantor’s wishes after death is what constitutes the trust administration.
It important you seek the advice of an attorney if you are the successor trustee of a trust. There are duties required of trustees under Florida Law for which you may or may not be aware. As a Trustee you have a duty to provide copies of the trust to beneficiaries, to provide an inventory of assets and to account for payment of expenses and distributions. If the Trust is a prolonged administration with restrictions on distributions and requirements for diversifying investments, an attorney can help guide you and provide you with tools to mitigate liability and lessen the likelihood of disputes among the beneficiaries and the Trustee.
In some instances, despite a Trustee’s best efforts to abide by the grantor’s wishes, the beneficiaries of the trust will contest the trust and litigation may ensue. Finley Law LLC is here to help Trustees navigate the potential complexities of a trust administration. Call Finley Law LLC, for a consultation and start planning for your future today 386-734-5959.